Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Pitti Group Wealth Management LLC

Pitti Group Wealth Management LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,423 shares of the electric vehicle producer’s stock after selling 47 shares during the period. Pitti Group Wealth Management LLC’s holdings in Tesla were worth $369,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of TSLA. Littlejohn Financial Services Inc. lifted its stake in Tesla by 588.4% in the first quarter. Littlejohn Financial Services Inc. now owns 4,220 shares of the electric vehicle producer’s stock valued at $1,094,000 after buying an additional 3,607 shares during the last quarter. Arkfeld Wealth Strategies L.L.C. increased its holdings in shares of Tesla by 19.6% in the 1st quarter. Arkfeld Wealth Strategies L.L.C. now owns 3,447 shares of the electric vehicle producer’s stock worth $938,000 after acquiring an additional 566 shares during the period. Sandbox Financial Partners LLC increased its holdings in shares of Tesla by 804.3% in the 1st quarter. Sandbox Financial Partners LLC now owns 6,683 shares of the electric vehicle producer’s stock worth $1,732,000 after acquiring an additional 5,944 shares during the period. MKT Advisors LLC lifted its position in Tesla by 10.1% in the 1st quarter. MKT Advisors LLC now owns 1,012 shares of the electric vehicle producer’s stock valued at $262,000 after purchasing an additional 93 shares during the last quarter. Finally, Oxinas Partners Wealth Management LLC boosted its stake in Tesla by 19.6% during the 1st quarter. Oxinas Partners Wealth Management LLC now owns 15,380 shares of the electric vehicle producer’s stock valued at $3,986,000 after purchasing an additional 2,520 shares during the period. Institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TSLA. UBS Group dropped their price target on shares of Tesla from $225.00 to $190.00 and set a “sell” rating on the stock in a research note on Thursday, April 10th. Guggenheim restated a “sell” rating and issued a $170.00 target price on shares of Tesla in a research report on Thursday, April 24th. Raymond James downgraded Tesla to an “outperform” rating in a research note on Tuesday, April 22nd. Wells Fargo & Company decreased their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research note on Friday, March 14th. Finally, HSBC lowered their price target on Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a report on Thursday, March 27th. Ten equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $294.27.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 1,000 shares of Tesla stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the sale, the chief financial officer now owns 1,950 shares of the company’s stock, valued at approximately $682,500. The trade was a 33.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director now directly owns 855,394 shares in the company, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 870,721 shares of company stock valued at $286,248,728. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of TSLA opened at $295.14 on Friday. The business’s 50-day moving average is $292.17 and its 200-day moving average is $333.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The company has a market capitalization of $950.63 billion, a price-to-earnings ratio of 144.68, a P/E/G ratio of 5.86 and a beta of 2.47. Tesla, Inc. has a fifty-two week low of $167.41 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. During the same quarter in the previous year, the company earned $0.45 EPS. Equities research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

About Tesla

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.